The history of Wal-Mart can be traced back to the 1940s when Sam Walton began his career in retailing. After being interviewed by recruiters from both Sears Roebuck and J. C. Penney just before graduating from the University of Missouri in Columbia, Sam accepted a job offer from J. C. Penney. In September 1944, Walton acquired, from George Scharlott, the franchise and lease on a Ben Franklin in Newport, Arkansas. The variety store was part of a chain operated by the Butler Brothers, a regional retailer. After three years, Walton increased annual sales from $80,000 to $225,000 by 1948. However, the landlord, P.Karli Holmes, declined to renew the lease on favorable terms and Walton was forced to relocate before the end of 1950. Walton was prepared to purchase a five-and-dime from Jim Dodson in Siloam Springs, Arkansas, but the two were $7,000 apart on agreement on a purchase price. On May 9, 1950, Walton purchased a store from Luther E. Harrison in Bentonville, Arkansas, and opened Walton's 5 & 10. Thus, the Ozark Mountain town of 2,900 residents would become the headquarters for the world's largest retailer.

The birth of discount retailing

Most people think discount retailing began in 1962 – the year that Kmart, Target, and Walmart first opened. But actually, the chain of variety stores Sam Walton owned during the 1950s faced stiff competition from many regional discount stores.

1962 – Walmart begins

Before opening Walmart, Sam traveled the country studying everything he could about discount retailing. He became convinced American consumers wanted a new type of store. Trusting his vision, Sam and his wife Helen put up 95 percent of the money for the first Walmart store in Rogers, Ark.

1972 – Walmart goes public

Discounters such as Kmart quickly expanded in the 1960s, while Sam only had enough money to build 15 Walmart stores. In 1972, Walmart stock was offered for the first time on the New York Stock Exchange. With this infusion of capital, our company grew to 276 stores in 11 states by the end of the decade.

The 1980s – Walmart comes of age

In 1983, the first Sam’s Club members-warehouse store opened. The first Supercenter opened in 1988, featuring a complete grocery, and 36 departments of general merchandise. By 1989, there were 1,402 Walmart stores and 123 Sam’s Club locations. Employment had increased tenfold. Sales had grown from $1 billion in 1980, to $26 billion.

The 21st century – one of the most successful retailers in the world

Today, 8,400 stores and club locations in 14 markets employ more than 2.1 million associates, serving more than 176 million customers a year. Our history is a perfect example of how to manage growth without losing sight of your values. Our most basic value has always been, and always will be, customer service.

Sam’s secret — give your customers what they want

In his autobiography, Sam said, "… if you think about it from the point of view of the customer, you want everything: a wide assortment of quality merchandise; the lowest possible prices; guaranteed satisfaction; friendly, knowledgeable service; convenient hours; and a pleasant shopping experience. You love it when a store exceeds your expectations, and you hate it when a store inconveniences you, gives you a hard time, or pretends you're invisible."